Reliance MediaWorks offers to acquire 62.1% in Fame India

MUMBAI: Anil Ambani’s Reliance MediaWorks has now offered to acquire a majority stake in Fame India Ltd.

The company has offered to buy 21.6 million shares (62.1 percent) of Fame at Rs 83.40 each for Rs 1.8 billion (Rs 180 crore) In a public notice, Reliance MediaWorks said that it would make an open offer to acquire 52.48 per cent in Fame India.

Currently, three Anil Ambani group companies namely Reliance Mediaworks, Reliance Capital Partners and Reliance Capital together hold about 10.26 per cent stake in Fame.

On Wednesday, Reliance Capital Partners acquired 1 million shares at a price of Rs 75.6 per share, hiking its disclosed stake of 8.13 per cent to 11 per cent.

It may be recalled that multiplex chain Inox already made a bid to acquire 50.5 percent of Fame recently. Inox had made the bid to acquire 20 per cent of Fame for Rs 51 per share, which is much lower than the Rs 83.40 per share value that Reliance is offering.

Reliance’s share purchase offer will be open from 1 – 20 April.